Mike transfers his house to his children but reserves a life estate for himself. The deed is properly recorded. Subsequently, Mike borrows $50,000 from Joe and signs a mortgage to Joe, which is also properly recorded. Mike pays on the mortgage for 5 years and has paid $10,000 down on the loan. Mike dies. Joe tries to foreclose on the property to recoup his loaned money. Can he?

A. yes, the mortgage follows the property
B. yes, unless mike's children pay the outstanding balance
C. no, because the mortgage was not recorded
D. no, upon death, mike no longer owns and interest in the property.

Answer rating: 100% (QA)

The detailed answer for the above question is provided below ANSWER The correct answer is D no upon death Mike no longer owns an interest in the property When Mike transferred his house to his childre... View the full answer